MICHAEL I HOLDSWORTH LIMITED
Company number: 02027459
Reporting period:
1 March 2021 to 31 August 2021
Report filed on:
21 September 2021
Approved by:
RJC Warhurst
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 76%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
60 days
Standard payment terms
We have weekly payment terms for local suppliers We have a 20th a month following month of supply We have an End of Month following the month of supply We part pay our Rates bills over 306days by direct debit We have special terms and pay some suppliers by direct debit ie., utility suppliers We may enter into arrangements to pay a supplier by percentage of the gross amount - until the supply is complete We do not pay any supplier without receipt of a statement (unless there is only one invoice outstanding)
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
306 days
Unfortunately when suppliers charge us incorrectly and don't send in credit notes on a timely basis we are in breach of the agreed terms. This is sometimes at the suppliers request, as they don't want any of their invoices part paid. Our suppliers are still affected by COVID19 and having regular contact with them remains difficult sometimes.
Any other information about payment terms
We do not pay any supplier without receipt of a statement (unless there is only one invoice outstanding) Which again can cause delays as regular contact remains difficult during COVID19 restrictions.
Dispute resolution process
During invoice processing it will be determined if there is a dispute with the invoice ie., incorrect prices, short deliveries, none deliveries, wrong goods delivered, damaged goods delivered, return of goods or goods need returning as Holdsworth did not order them. Holdsworth email/write and phone the suppliers to request credit notes or collections. With large suppliers and supplier that have their headoffice outside the UK, this can make our disputes process a very lengthy process - much to our detriment.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No